The efficient trade-off between security and cost for sea ports: a conceptual model
by Risto Talas, David A. Menachof
International Journal of Risk Assessment and Management (IJRAM), Vol. 13, No. 1, 2009

Abstract: Sea ports around the world have had to introduce new security measures in the wake of the introduction of the International Maritime Organisation's ISPS Code, but may have been unable to establish an efficient trade-off between cost and security. This paper introduces a conceptual model that uses the Markowitz (1952) theory of portfolio selection to describe the process that ports and port terminals can follow to ensure that efficient security investment decisions are made to reduce the exposure to terrorist and other unlawful activities.

Online publication date: Tue, 09-Jun-2009

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